UPDATED May 24, 3:25 p.m.: A waterfront lot in Miami Beach’s Altos del Mar just sold for $5.5 million.

The 16,750-square-foot lot at 7845 Atlantic Way sold for $331 per square foot, The Jills announced on Monday.

Felise Eber of Coldwell Banker’s The Jills represented the seller and Jill Eber represented the buyer. Records show the seller is Mary M. Michel, who purchased the property for $735,000 in 1997. The latest sale has not yet cleared records, so the buyer is unknown.

The property borders 50 feet of oceanfront and is Miami Beach’s only single-family residential lot that is directly on the sand, the Jills said in a press release.

Architect Ramon Pacheco offered plans to the buyer to build a possible five-bedroom home on the land that lies next to the North Shore Open Space Park, according to the release.